Use the following to answer questions 7- 17 During September, KC Company sells 730 mountain bikes for $1,000 each. The company has the following inventory purchase transactions: Date Transaction # of Units Unit cost Total Cost 1-Sep Beginning Inventory 7-Sep 19-Sep 50 $710 $35,500 Purchase 425 $715 303,875 Purchase 275 S723 198,825 750 S538,200 7. What were company's sales for the period? For questions 8 - 10 assume the company uses First-in, First-out (FIFO) inventory valuation. Calculate ending inventory (FIFO) Calculate cost of goods sold (FIFO) 8. $ 9. $
Use the following to answer questions 7- 17 During September, KC Company sells 730 mountain bikes for $1,000 each. The company has the following inventory purchase transactions: Date Transaction # of Units Unit cost Total Cost 1-Sep Beginning Inventory 7-Sep 19-Sep 50 $710 $35,500 Purchase 425 $715 303,875 Purchase 275 S723 198,825 750 S538,200 7. What were company's sales for the period? For questions 8 - 10 assume the company uses First-in, First-out (FIFO) inventory valuation. Calculate ending inventory (FIFO) Calculate cost of goods sold (FIFO) 8. $ 9. $
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.12AMCP
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